Friday, March 21, 2014
Discourage Late PaymentsOne of the most important elements of modern residential leases today is the Late Fee clause. In order to encourage timely rent and discourage late payments, I highly recommend you have a solid late charge clause. Having the clause in your lease is only part of protecting yourself against late rent.
Many believe a quality Lease Rental Agreement is the most important because it is the legal binding contract that lays down the law of the agreement for which the landlord and tenant will adhere.
Special Rent Addendum for Emphasis
The Rent Paid On-Time Addendum is an effective tool for landlords who feel the need to emphasize the importance of rent being paid on schedule. Although the LPA Lease already contains the key ingredients of this addendum, many landlords feel that having the new tenant sign a special addendum to the contract in addition to the lease will help drive home the point.